Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
by: Kevin Phillips
List Price: $25.95
Prices subject to change.
Price: $16.35
You Save: $9.60 (37%)Prices subject to change.
Availability: Usually ships in 24 hours
Product Description:
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americas global future at risk
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillipss prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. Americas current challenges (and failures) run striking parallels to the decline of previous leading world economic powersespecially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
Bad money refers to a new phenomenon in wayward megafinancethe emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also bad are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the worlds other currencies. In all these ways, bad finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillipss last book, whose dire warnings are now proving frighteningly accurate.
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americas global future at risk
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillipss prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. Americas current challenges (and failures) run striking parallels to the decline of previous leading world economic powersespecially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
Bad money refers to a new phenomenon in wayward megafinancethe emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also bad are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the worlds other currencies. In all these ways, bad finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillipss last book, whose dire warnings are now proving frighteningly accurate.
Alternate Versions:
Related Items:
- The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash
- The Limits of Power: The End of American Exceptionalism (American Empire Project)
- American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21stCentury
- The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
- The Post-American World
- see more
Browse for similar items by category:
- Biography » Audiobooks » Arts & Photography » Bargain Books
- Books » Specialty Stores » Political Parties » Purple Politics
- Books » Subjects » Business & Investing » Economics » Economic Conditions
- Books » Subjects » Business & Investing » Economics » Economic Policy & Development
- Books » Subjects » Nonfiction » Government » Federal Government
Customer Reviews
Average Rating:
Rating: 
- The decline of the US Empire
The author shows that the actual debt bubble can only be compared to the huge debt bubble of 1933, just before FDR devalued the US dollar with 40 %.In 1933 the total credit market debt as a share of US gross domestic product reached 287 %, whereas in 2006 this was a staggering 335 %.Just as in the `30s, the US are entering a new era of Great Depression, but this time, it is very likely it will mean the decline of the US Empire.This amazing thought is well supported with historical and current ... Read More
Rating: - Great Book for Americans Concerned About Their Financial Future
After reading all the reviews, there is not much I can say that has not already been expressed.If you are an investment professional, you may find some of the book useful and some of it may kill you.I think the book is geared more toward average Americans who are concerned with their personal finances and want to increase their awareness of what the banks have done and how it may potentially impact our future.
Getting past the negative review comments on how Phillips is disorganized ... Read More
Rating: - Peak Oil Is Here!
Kevin Phillips delivers yet again.
"Bad Money" is one of a handful of books that should be read to understand the times in which we are living.
Outside of the excellent financial parts of the book, the most shocking part to the average American is Ch.5 on Peak Oil.
Rating: - Devastating critique of the U.S.
Many readers already admire Kevin Phillips's previous books, with their incisive analysis of U.S. politics. In this treatise, published just before the 2008 presidential election, his main concerns are the dangerous dominance of the financial sector in the U.S. economy and the fiscal implications of peak oil. Phillips covers many other hazards, from securitization to the real estate bubble. He provides historical background to explain modern financial circumstances, whacks both the Bush and Clinton administrations, ... Read More
Rating: - Scary about the post American world.
The author shows the scary side of the financial panic of 2008-09.America focused on selling financial products to the rest of the world, and those obligations were not as stellar as they should have been.With the current financial meltdown, much of the rest of the world along with the United States if facing the prospects of a global recession/depression as the trillions of dollars of these obligations are sorted out.Meanwhile Wall Street has made its millions and passed the debt to future generations.
... Read More
- The decline of the US EmpireThe author shows that the actual debt bubble can only be compared to the huge debt bubble of 1933, just before FDR devalued the US dollar with 40 %.In 1933 the total credit market debt as a share of US gross domestic product reached 287 %, whereas in 2006 this was a staggering 335 %.Just as in the `30s, the US are entering a new era of Great Depression, but this time, it is very likely it will mean the decline of the US Empire.This amazing thought is well supported with historical and current ... Read More
- Great Book for Americans Concerned About Their Financial FutureAfter reading all the reviews, there is not much I can say that has not already been expressed.If you are an investment professional, you may find some of the book useful and some of it may kill you.I think the book is geared more toward average Americans who are concerned with their personal finances and want to increase their awareness of what the banks have done and how it may potentially impact our future.
Getting past the negative review comments on how Phillips is disorganized ... Read More
- Peak Oil Is Here!Kevin Phillips delivers yet again.
"Bad Money" is one of a handful of books that should be read to understand the times in which we are living.
Outside of the excellent financial parts of the book, the most shocking part to the average American is Ch.5 on Peak Oil.
- Devastating critique of the U.S.Many readers already admire Kevin Phillips's previous books, with their incisive analysis of U.S. politics. In this treatise, published just before the 2008 presidential election, his main concerns are the dangerous dominance of the financial sector in the U.S. economy and the fiscal implications of peak oil. Phillips covers many other hazards, from securitization to the real estate bubble. He provides historical background to explain modern financial circumstances, whacks both the Bush and Clinton administrations, ... Read More
- Scary about the post American world.The author shows the scary side of the financial panic of 2008-09.America focused on selling financial products to the rest of the world, and those obligations were not as stellar as they should have been.With the current financial meltdown, much of the rest of the world along with the United States if facing the prospects of a global recession/depression as the trillions of dollars of these obligations are sorted out.Meanwhile Wall Street has made its millions and passed the debt to future generations.
... Read More
